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Cryptocurrency News Articles

Solana's Slerf Memecoin Burns $10M in Investor Funds After Dev's "F—up"

Mar 24, 2024 at 06:22 am

Solana's Slerf Memecoin Burns $10M in Investor Funds After Dev's "F—up"

Did Solana's Slerf Memecoin Burn Investors' Funds?

A Solana-based memecoin, Slerf, has encountered a major setback after the project's developer inadvertently burned a significant portion of the token supply, resulting in a loss of $10 million, representing the entire investment of presale participants.

Developer's Regret: "I F—ed Up"

The official X account for the project admitted the error: "Guys, I f—ed up. I burned the LP and tokens reserved for the drop. The minting authority is revoked, so I can't mint them. There's nothing I can do to fix this. I'm really sorry."

Team's Shock: "My Stomach Hurts"

The Slerf team expressed their dismay in an X Spaces discussion: "My stomach hurts," said developer @Slerfsol. "I'm literally about to throw up. I'm at a loss for words. I do not know what to do."

Side Quest Gone Wrong?

After the developer referred to Project Slerf as a "side quest," a Spaces participant remarked, "Losing $10 million on a side quest is crazy."

Price Surge Amidst Chaos

Despite the incident, the price of SLERF has surged approximately 242% in the past hour. X Space attendees have proposed "sending it to $1 billion" as a potential solution. According to Lookonchain's on-chain data, a trader profited over $3 million in 12 minutes by trading SLERF.

Solana's Memecoin Mania

The incident occurred during a weekend of numerous Solana-based memecoin presales, where several projects received substantial funding, often reaching millions of dollars.

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Other articles published on Oct 31, 2024